Fancy a home within walking distance of Hyde Park and Harrods? How about a one-bed flat in receivership at One Hyde Park? Yours for £5.25 million.

In a sign that even the very rich can be hit by hard times, Strutt & Parker has been appointed as receiver to sell an apartment in a development that normally makes headlines for setting new record sales prices.

The high-end estate agent has sent out a brochure for the 998 sq ft “entry level” one-bedroom flat and said it needed “to find a buyer quickly for the property”.